20-year license extension supports today’s current energy needs and the transition to carbon-free electricity beyond 2025

Xcel Energy will extend the operation of its carbon-free Monticello Nuclear Generating Plant well into the future to support its clean energy vision, following the recent renewal of the plant’s operating license by the U.S. Nuclear Regulatory Commission (NRC).

The federal approval allows the plant to operate an additional 20 years, through 2050, provided the plant’s extended operation is also approved by state regulators. Monticello’s continued operation will ensure that nuclear energy plays a foundational role in Xcel Energy’s transition to 100% carbon-free electricity.

“The Monticello plant has long been an essential source of clean, safe and reliable energy, powering more than 500,000 homes annually in the Upper Midwest,” said Bob Frenzel, Xcel Energy chairman, president and CEO. “As the only 24/7 carbon-free energy source we have, nuclear energy will be key to accelerating our journey to a clean energy future while ensuring we also meet the unprecedented growth in our customers’ demand for electricity.”

The plant’s license renewal comes as the result of a multi-year process, during which the NRC conducted numerous inspections, audits and reviews of all technical aspects of the plant to ensure it met or exceeded standards for safety, environmental impact and other considerations.

Xcel Energy plans to seek approval from state regulators to match the 20-year operating license extension at the federal level. The company has already received approval from the Minnesota Public Utilities Commission to extend operations at Monticello for the first half of this period, through 2040, and will return to the PUC to seek approval for the additional 10 years in the future.

“For over 50 years, we have maintained, invested in and improved the Monticello plant to ensure it can continue to deliver for the communities we serve,” said Chris Church, chief nuclear officer at Xcel Energy. “By extending operations at the plant, we are carrying this commitment forward, and at the same time renewing our investment in the community of Monticello and the surrounding region.”

In addition to generating electricity for half a million homes, the Monticello plant plays a significant role in the regional community and economy. The plant is Monticello’s largest employer and local taxpayer. Together with its counterpart near Red Wing, MN, the Prairie Island Nuclear Generating Plant, Monticello provides nearly a quarter of the electricity Xcel Energy customers use in the Upper Midwest.

Learn more about Xcel Energy’s nuclear generating plants.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on X and Facebook.

Xcel Energy Media Relations 414 Nicollet Mall, 401-7 Minneapolis, MN 55401 (612) 215-5300 www.xcelenergy.com mediainquiries@xcelenergy.com

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